Cities compete to host the Olympic ceremonies because the Games bring tourism dollars, infrastructure investments and international attention to their community. For Japan, a chance to host the Olympics in 2020 means hope for a country struggling with economic stagnation and a crippling national debt.

“When I heard the name Tokyo, I was so touched, overwhelmed,” Prime Minister Shinzo Abe said. “The joy was even greater than when I won my own election.”

Abe's joy was mirrored by the euphoria of the Tokyo delegation, who erupted into cheers of joy when International Olympic Committee President Jacques Rogge announced that the Japanese city had beaten Istanbul and Madrid.

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